(Alliance News) - Immotion Group PLC on Wednesday posted a first half revenue rise as it also announced new virtual reality installations in its partnership model strategy.
Pretax loss in the six months to June 30, however, widened year-on-year to GBP2.6 million from GBP1.5 million, with administrative expenses rising by 76% to GBP2.6 million from GBP1.5 million.
Revenue more than doubled to GBP1.3 million from GBP547,000 in the first half of 2018.
Looking ahead, Immotion said it is aiming to break even in earnings before interest, taxes, depreciation and amortisation by the first quarter of 2020. It recorded an EBITDA loss of GBP1.4 million in the first half of 2019, in line with internal expectations.
In July, the company said it would focus on the partnership model which allows Immotion to install its virtual reality products in "high footfall leisure destinations" such as London's O2 and Glasgow's Soar Centre. The model contributed to the GBP900,000 in revenue Immotion said it recorded during July and August, a peak trading period.
Immotion reported that the strategy is "gaining considerable traction" and on Wednesday announced further partnerships to a list that already contains Merlin Entertainments PLC's Blackpool Tower and the Legoland theme park in Windsor.
It now has an installation in Dubai Aquarium which is situated in Dubai Mall, the largest of its kind in the world. Immotion will install four headsets there.
It will also install four headsets each in the San Antonio Aquarium and the Austin Aquarium, both in Texas.
Chief Executive Martin Higginson said: "Demand from the aquarium market is really starting to gain traction. We now have over 50 active leads from this sector which gives us real confidence in hitting our EBITDA breakeven figures in the first quarter of 2020.
"Signing up Dubai Aquarium is another major milestone in the company's growth story. Not only is this one of the largest aquariums, it is located in the largest shopping mall in the World with over 80 million visitors a year."
Shares in the company were 1.3% lower at 6.66 pence each in London on Wednesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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